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Council orders sale of 100 East Washington lot to satisfy NEURA loan; motion to forgive loan fails
Summary
The Newnan City Council voted 6-1 to call the outstanding loan for 100 East Washington Street due, requiring the Newnan Urban Redevelopment Authority to sell the lot and remit proceeds to the city; a separate motion to cancel and forgive the promissory note died for lack of a second.
The Newnan City Council on Jan. 28 voted to call the outstanding loan tied to 100 East Washington Street, directing that proceeds from a sale of the lot be remitted to the city and that any remaining balance be considered for forgiveness only after sale proceeds are returned.
Council considered two competing options. One motion to cancel the promissory note and forgive the secured debt was made but received no second and therefore failed. A subsequent motion to call the loan in full and require the lot’s sale carried on a 6-1 vote.
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